Malaysia Privatization: A Comprehensive Study

Qian Sun · Wilson H.S. Tong

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Corporate Finance and Governance International Business and FDI Financial Analysis and Corporate Governance

Abstract

As the first comprehensive study on privatization in Malaysia, this paper compares financial and operating performance of a sample of 24 firms before and after privatization. The 24 firms were privatized via public listing on the Malaysian exchange. Measures that improve following privatization include profitability, output level, and dividend payout; leverage declines. We also observe increased linkages between ownership and corporate governance with such performance changes. By and large, our results are similar to the results of the directly comparable multi-country studies of Megginson, Nash, and van Randenborgh (1994), Boubakri and Cosset (1998), and D'Souza and Megginson (1999).

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References

1998Law and Finance 1997A Survey of Corporate Governance 2000Investor protection and corporate governance 1994The Financial and Operating Performance of Newly Privatized Firms: An International Empirical Analysis 1998The Financial and Operating Performance of Newly Privatized Firms: Evidence from Developing Countries 2000The Long-Run Return to Investors in Share Issue Privatization 2000Determinants of Performance Improvements in Privatized Firms: The Role of Restructuring and Corporate Governance

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